Policy rationales act as intermediator between theoretical foundations and policy implications, which are rooted in abstract concepts on the one hand, and present empirical implications in the field of policy-making on the other. Although conventional economics, also known as open market economy or neoclassic economy, evades offering any prescriptions, it implicitly and explicitly leads to policy rationales based on which specific policy implications are possible. Due to the significance of clear expression of these rationales in the field of science, technology and innovation policy-making, and purely implicit expression of the aforementioned concepts in the field of conventional economics, their explicit elicitation, especially by considering the role of conventional economics in science, technology and innovation policy decisions in Iran's society, bears considerable importance. Accordingly, eliciting conventional economics rationales in the field of science and technology in this study is examined drawing upon valid and relevant studies. By using thematic analysis and data-based strategy, we examine the core rationales of policy-making in the field of science, technology and innovation, having conventional economics approach in mind. As the findings show, some rationales and specific procedures are obtained alongside the concept of market as the core theme. The accumulation of intellectual and human capital, internalizing knowledge activities costs, the development of general-purpose technologies and improving business environment are among the most important rationales.

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